Bull Trap Warning as Bitcoin Whales Dem Dey Accumulate, $103K Dip
Bitcoin price don climb pass $110,000, na because say big big whales dey buy and small small pipo dey sell. On-chain data show say big big investors don collect pass 52,000 BTC since July, dis one limit how much bitcoin dey available and dey support market movement. Now, price dey near $111,000 with main support for $110,000 and immediate resistance for $112,000.
Crypto analyst Xanrox warn say dis rebound fit be bull trap wey dem wan shake weak hands comot. E use Elliott Wave theory talk say di move don finish Wave 1 and now na Wave 2 ABC correction. Xanrox expect say price go do 61.8% Fibonacci correction go $102,909 and e talk say get one fair value gap wey dem never fill between $102,000 and $104,000.
Traders suppose dey watch exchange flows, stop-loss liquidity and Fibonacci levels to sabi exact time to enter market. If price fit hold steady pass $110,000, e fit push price go higher, but if e fall down, e fit target $103,000 zone. Even though short term pressure dey bearish, long term trend still dey bullish wit chance say Wave 3 rally go bring new all-time high.
Bearish
Dis news dey show say Bitcoin fit face short-term bearish pressure as analysts dey warn make people no fall for bull trap and dem dey expect say e go do like 61.8% Fibonacci correction reach about $103,000. Dem dey expect Wave 2 ABC retracement and make fair value gap full, which fit make people start sell for short time. But strong whale accumulation and off-exchange holdings dey reduce how much supply dey, so e still dey maintain medium and long-term bullish momentum. Traders fit see small fall reach key Fibonacci level before Wave 3 rally fit push Bitcoin go new height.